Unemployment rate falls to lowest level since 2005
MANILA, Feb. 7 -- The country's unemployment rate in December last year fell to its lowest level since 2005, the Philippine Statistics Authority (PSA) said.
In a briefing on Wednesday, National Statistician Dennis Mapa said preliminary results of the latest Labor Force Survey (LFS) showed that the unemployment rate in December 2023 further went down to 3.1 percent from 4.3 percent in December 2022.
It was also lower than the 3.8 percent seen in November 2023 and the lowest recorded unemployment rate since the PSA introduced a new methodology for measuring the LFS in 2005.
Mapa said the number of unemployed Filipinos was estimated at 1.6 million, lower than the reported 2.22 million in December 2022.
The Labor Force Participation Rate ...
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